Bioinformatics market competitive landscape analysis and forecast

According to the new market research report " Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) - Global Forecast to 2023", published by MarketsandMarkets™, The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.

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Some of The Major Players In Bioinformatics Market:

1. Thermo Fisher Scientific
2. Illumina Inc
3. Agilent Technologies
4. QIAGEN
5. BGI
6. Wuxi NextCODE
7. Eurofins Scientific

Objectives of the Study :

• To define, describe, and forecast the bioinformatics market on the basis of product & service, applications, sector, and region
• To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players

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Some of The Major Players In Bioinformatics Market:

1. Thermo Fisher Scientific
2. Illumina Inc
3. Agilent Technologies
4. QIAGEN
5. BGI
6. Wuxi NextCODE
7. Eurofins Scientific

• The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%.
• Growing demand for nucleic acid and Protein Sequencing and the rising applications of bioinformatics in drug discovery, clinical diagnostics, and personalized medicine are key factors supporting the growth of this market.
• On the other hand, a lack of well-defined standards and common formats for Data Integration may limit market growth to a certain extent.

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Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes. With the introduction of upcoming technologies such as nanopore sequencing (third generation sequencing technique) and cloud computing, the market is expected to offer significant opportunities for manufacturers of bioinformatics solutions. However, factors such as a dearth of skilled personnel to ensure proper use of bioinformatics tools and lack of integration of a wide variety of data generated through various bioinformatics platforms are hindering market growth.

By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period

Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications. In addition, the use of bioinformatics platforms is increasing in the drug discovery & development process, which is contributing to market growth. However, the lack of standardization in bioinformatics platforms across the industry is restraining growth of the bioinformatics platforms market, owing to which bioinformatics professionals have to work with varying standards and platforms that give no reproducible results

The global bioinformatics market is expected to account for Usd 7,063.7 billion in 2018. It is expected to reach Usd 13,901.5 billion by 2023, at a Cagr of 14.5% during the forecast period.